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Popular >

Calculate the future value, to the nearest cent:Present value of S1340 invested for 6 years at 6% pa compounded WEEKLY

Solution

Calculate the future value, to the nearest cent:Present value of S1340 invested for 6 years at 6% pa compounded WEEKLY

Solution

Amount : 1920.26

Solution steps

Translate the problem into an equation:

A = 1340 (1 + \frac{0.06}{52})^{52 \cdot 6}

1340 (1 + \frac{0.06}{52})^{52 \cdot 6} = 1920.26285 \dots

Round to the nearest hundredth:

1920.26

Amount : 1920.26

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